news Over a quarter of all pensioners are still paying off their mortgage, according to new research.
The report, published by Key Retirement Solutions, also reveals that the average amount owed by pensioners on their mortgage is in the region of £45,000.
Andy Pratt, the chief operating officer at Alexander Hall, explained that the statistics were slightly higher than he would have expected, though asserted that there are multiple factors involved in causing this phenomenon.
"The biggest one would probably be flexibility in lifestyle – a lot of people are thinking about continuing to work beyond retirement age, part-time or otherwise, and they will probably continue in some sort of debt through that period as well," he continued.
Mr Pratt added that with rates as they are at the moment, many may not have paid down their mortgage, instead using the money elsewhere and keeping debt going because it is cheaper to borrow that way.Info.
The report, published by Key Retirement Solutions, also reveals that the average amount owed by pensioners on their mortgage is in the region of £45,000.
Andy Pratt, the chief operating officer at Alexander Hall, explained that the statistics were slightly higher than he would have expected, though asserted that there are multiple factors involved in causing this phenomenon.
"The biggest one would probably be flexibility in lifestyle – a lot of people are thinking about continuing to work beyond retirement age, part-time or otherwise, and they will probably continue in some sort of debt through that period as well," he continued.
Mr Pratt added that with rates as they are at the moment, many may not have paid down their mortgage, instead using the money elsewhere and keeping debt going because it is cheaper to borrow that way.Info.
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